11 Best EV Charging Stocks To Invest In

2. Enphase Energy, Inc. (NASDAQ:ENPH)

Number of Hedge Fund Holders: 42

Enphase Energy, Inc. (NASDAQ:ENPH) is a prominent player in the energy technology space. It is known for pioneering solar micro-inverter technology, which converts direct current (DC) from solar panels into alternating current (AC) for use in homes and the grid.

The company focuses primarily on providing solar solutions to residential customers, including energy storage and electric vehicle charging products. Over the years, the company has expanded its product portfolio and global presence, shipping millions of micro-inverters across more than 140 countries.

In the EV charging space, its Enphase IQ EV Charger offers efficient and flexible charging solutions for electric vehicles. It connects to the internet and lets users monitor and control charging sessions through a digital interface. The technology helps optimize charging schedules for cost efficiency and reduced environmental impact.

Users can monitor energy consumption through the app based on their EV’s battery capacity and charger ratings, which ensures they charge within their vehicle’s limits. The app’s Status screen provides real-time data on energy usage, including a detailed breakdown of EV consumption.

Enphase Energy (NASDAQ:ENPH) is also one of the best clean energy stocks according to Reddit. The company stands to benefit from the U.S. Inflation Reduction Act (IRA), which provides a 10% Investment Tax Credit for solar products with U.S.-made components, which could improve potential sales and margins.

Despite reporting slightly lower-than-expected revenue and earnings in Q2 due to weaker European sales, the company has achieved a strong 47.1% gross margin. Growing competition hasn’t stopped the company from expanding its market. The company saw a 32% revenue increase from the U.S. in Q2 and has secured most of its Q3 revenue through pre-orders.

In the second quarter, Enphase Energy’s (NASDAQ:ENPH) stock was held by 42 hedge funds at a combined value of nearly $506 million. Coatue Management is the company’s biggest shareholder with 960,700 shares worth $95.8 million, as of June 30. It is among our best EV charging stocks to invest in.